Low volume and the HFT tried to push the averages higher but bursts of profit taking kept that from happening.

I said yesterday if the SP500 would go above yesterday's red line in the chart AND stay there, it would be a very bullish signal. However late trading just before the market bell, there was considerable action on moderate volume where a lot of profit taking transpired.

The markets closed up and many bears were left with their mouths hanging open. Not much to add as the new numbers tend to be the headlines.

The Futility Of Expanding The Monetary Base

Highlight clip from Bernanke's press conference last week. Runs 2 minutes, and it takes Ben nearly that long to answer the question, before finally, in the last 10 seconds, he says it is "extremely unlikely" to happen in the U.S.

He does not say, however, that taxing or seizing assets from bank accountsis impossible. This is a door left wide open.

The DOW at 4:00 is at 14802 up 128.78 or 0.88%.

The SP500 is at 1587 up 19.12 or 1.22%.

SPY is at 158.67 up 1.92 or 1.22%.

The $RUT is at 946.09 up 16.75 or 1.80%.

NASDAQ is at 3297 up 59.39 or 1.83%.

NASDAQ 100 is at 2859 up 54.54 or 1.94%. (A lot of analysts are currently watching the 100.)

The longer trend is up, the past months trend is bullish, the past 5 sessions have been bearish and the current bias is down.

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